Daily Technical Report

Silver's weak recovery from oversold conditions remains capped beneath key
support at $30.0000. Only a sustained close below here would trigger a test
of the previous swing low at $26.0700.

Macro price structure continues to focus on the downside risks, following
the major sell-off in September. Such a dramatic move traditionally produces
volatile trading ranges. This allows the market to have enough time to recover
and accumulate renewed buying interest.

Expect a large trading range to hold between $37.0000-26.0700 over the multi-week/month
horizon, with downside macro risk into $21.5165 (61.8% Fib-1999 bull market)
and $20.0000. This would still maintain silver's longterm uptrend and help
offer a potential buying opportunity for the eventual resumption higher.

Continue to watch the gold-silver "mint" ratio (see top chart insert) which
has now accelerated higher by 70%, suggesting further risk aversion over the
next few weeks. This also helps explain recent divergences between gold and
silver.

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